I see that it occurred to the White House that having their giant tariff-focused Make America Rich Again (ha!) celebration of specialness at 3 p.m. wasn’t a brilliant idea, since that’s during market hours, so they quietly moved it to precisely the market close. Should be interesting.
It’s a relief to see a lot of red this morning. What has happened over the long haul is that the gargantuan (and final, God willing) megatop pushed prices much lower, only to result in the annoying counter-trend rally, whose peak I predicted to be 5800. That’s almost exactly where it landed (arrow) before resuming the fall.
In a miniature recap of the same annoying, the market rallied mightily this week only to once again poop out (arrow) and begin to reverse. You can see this in context, because I’ve put a rectangle where the initial exhaustion point was. What I’m saying here is that bulls aren’t learning their lesson: they keep bidding up stocks that are “on sale” only to see their wee-wees get chopped off.
The bell is opening in a few seconds, so I’ll jump into it, but I’ll be back soon with more.
